Formula 1 Sold to Liberty Media Group, Sport Gets a New Chairman

The Liberty Media Group has confirmed it has purchased Formula One for a princely sum of US$8 billion.

1 min read
Red Bull  driver Sebastian Vettel  during the Indian F1 Grand Prix at the Buddh International Circuit.  (Photo : Reuters)

Liberty Media, a US based media and communications company, has purchased Formula One for a princely sum of $8 billion.

Liberty Media is the world’s largest international television and broadband company, operating in more than 30 countries in Europe, Latin America and the Caribbean through a series of different brand names.

Bernie Ecclestone is going to remain the CEO and continue his reign over the commercial interests of the sport that has seen F1 grow into a multi billion-dollar empire, but he will be reporting to a new chairman.

Chase Carey, executive vice-chairman of 21st Century Fox and tipped as a potential successor to Rupert Murdoch of the head of News Corp, has been installed as chairman.

I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team. I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world.
Chase Carey, Eexecutive Vice-Chairman, 21st Century Fox

The head of Liberty Media, Greg Maffei, said that their long-term perspective and expertise with media and sports assets will allow them to be good stewards of Formula One and benefit fans, teams and our shareholders.

The sale is expected to be completed by the first quarter of 2017.

The completion of the sale will not signal the end of current owners, CVC Capital in the sport, with the investment group retaining positions on F1’s board. A CVC representative has also been made a director of Liberty Media.

(With inputs from Reuters)

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